If you are like many individuals today, you have invested in real estate to diversify your portfolio, earn a regular income and prepare for your financial future. However, if you are your own property manager, your income may not be entirely passive.
Working with tenants is key to your success as a landlord, but there are times when you have or could have disagreements. These are tips to prevent or resolve landlord-tenant disagreements.
Keep communication open
The best thing you can do for yourself and your tenants is to maintain open communication. When you regularly speak with these individuals, they should feel more comfortable coming to you with problems, and they should do so in a respectful, calm manner. Make sure you take the time to meet with them face-to-face, especially if they have a problem. Work with them to address their concerns early, so they do not become major problems.
Learn tenant laws
You can often avoid disputes if you understand the tenant laws in your state. Therefore, take the time to find out your rights and those of your renters. Make sure you remain up to date on these laws because they can change quickly. With this knowledge, you have the best defense when a problem arises or you can adequately prevent a problem from ever arising.
First, you should keep meticulous records on all your properties. Track everything, including complaints or lease violations. Always remain calm and respectful when you meet or speak with your tenants, even if they are not treating you with respect.
You can work with your tenants effectively, but it takes effort. Do not hesitate to use technology, e.g., a voice recorder or the recording app on your phone, to tape your interactions.